Accounting changes that would require companies to report more of their leases as assets and liabilities may encourage businesses to structure shorter-term rental agreements that could hamper the ability of lessors to predict cash flows, according to Fitch Ratings.
Tax havens under European Union jurisdiction hold 9.5 trillion euros ($12 trillion) in global offshore wealth that translates into $100 billion in lost government revenue each year, according to a study released today by Oxfam International.
European Union finance ministers may agree on how to negotiate tax treaties with Switzerland and Liechtenstein without finishing updates to the bloc’s savings tax accord, Luxembourg Finance Minister Luc Frieden said.
Austria is pushing the European Union to take a tougher stance toward offshore financial centers in a long-delayed tax agreement in an effort to overcome political deadlock when EU finance ministers meet next week.
Austria became the last of the European Union’s 27 members to give up blocking the coordination of savings taxes and talks with non-EU countries, a sign that banking secrecy within the bloc may be over.
Intrade, the betting website that halted trading last month amid a probe into suspected financial irregularities, told customers it has found a $700,000 shortfall in client funds as it seeks their backing for a survival plan.